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1. For the production function
y = 3x1 + 2x2,
Find
a. The MPP of x1.
b. The MPP of x2.
c. The marginal rate of substitution of x1 for x2.
2. Suppose that the production function is given by
y = x10.5x20.3
a. Set up a Lagrangean optimization problem using this production function. Derive firstorder conditions.
b. Suppose that the output, y, sells for $4.00 per unit and that x1 and x2 both sell for$0.10 per unit? How much x1 and x2 would the farmer purchase in order to maximize profit?
Suppose that z, the marginal product of efficiency units of labor, increases in the endogenous growth model. What effects does this have on the rates of growth and the levels of human capital, consumption, and output? Explain your results.
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience.
Two bonds are available for purchase in the financial markets. The first bond is a two-year, $1,000 bond that pays an annual coupon of 10 percent. The second bond is a two-year, $1,000 zero-coupon bond.
Show that if interest rate parity and purchasing power parity both hold between the two countries that the two countries real interest rates r and r* will be equal.
A change in supply causes a the supply curve. A change in quantity supplied causes the supply curve
Select ONE of these lessons (principles), (the standard of living depends on a country's production)and explain a/some pattern/s of behaviour that you have observed in the media (newspapers, television, radio, Business Review Weekly, The Economist, e..
In this age of globalization, boundaries between firms and boundaries among marketplaces are hardly ever distinguishable.
(a) If the family own no other assets than this house, what is the expected value of their asset? (b) If the family had $25,000 sitting in a FDIC insured savings account, what would the expected value of their assets be?
What efforts have been made and by whom to promote alternative crops to peasants in Central and South America?
Define and describe the difference between the absolute advantage and the comparative advantage.
What kinds of economic policy mistakes did the U.S. make in late 1920s that may have resulted in the Great Depression?
Assume that the Wall Street analysts believe the industry has good growth prospects. The audit client is predicting a 20% increase in sales and a 27% increase in profits for the year under audit. 65% of all sales are made to just five customers.
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